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Help with bad credit car leasing

I have approached a company who advertise as being help even if you have default and lo and behold have been declined. I work, have no arrears on mortgage, council tax, or current car finance. I did have 3 credit cards that when we had a business were relied upon and then went into default. Two of the companies have accepted a payment plan based on income and outgoing no prblem but Abbey who though initially were fine, then got taken over by MBNA who decided to call the debt in and pull the agreement so I ended with legal threats a visit to court whereby although not issued with anything formal was advised to go away talk to MBNA solicitors and agree a payment. This was agreed and will be in place until Jan 2016. I am happy to lease and not own the car to make it easier but still every door slams. Is there anything I can do.

Posted by Rachel on 31/01/2012 @ 17:16

Hi Rachel, apologies for the delay in responding. Firstly can you tell me where you have applied and been declined. This will help me gauge whether we can get you approved or not. Secondly, how much are you trying to borrow and is it for a brand new car? The reason for you being declined maybe the amount you're trying to borrow. To get a new car on a lease you need to have very good credit. As you have a few blemishes this will also be causing you a few issues. We do have one company that may be able to help but you would need a deposit of some kind. Is this possible? Thanks, Edwin

Posted by Edwin Miles on 01/02/2012 @ 10:30

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Hi Ed, I approached Affinity. Die to them advertising the fact that they can help anyone who has had issues, other than bankrupt gave them the truth about my defaults and a breakdown of In and Out and what was spare. My thought was that if you are leasing to hand back in 3 years and the car is NOT in your name it is safer way for those who have had issues to gain vehicle as car taken from you if no payments made. I have a proven record of making my payments, and the payments I have set up with credit card companies has never faltered, Clearly all I have done is not manage to pay the minimum and therefore applied to them for a payment plan, which they did agree to but because of not adgering to original contract they have to hit default. Affinity responded to me with a Corsa 1.2 based on 3 Years lease at 10,000 miles at £159.00 a month. I currently pay £224.00 a month for a Peugeot 207 on 9000 miles. Clearly I have misunderstood the whole process I thought by leasing in this way you have more chance than a HP agreement or ballon payment process. I find it hard to believe that nobody can help people who, although have hit defualt, have never then faltered on monthly installments and no arrears on mortgages or council tax etc, especially with how the country has gone these last few years. I will be in a position to pay some deposit by late March and my intention would be to sell my current car, clear the remaining finance and put the surplus also into a deposit as opposed to just hand the car back on the voluntary basis or indeed now not wait until Oct 2012 to hand back at end of term with no penalty.

Posted by Rachel on 01/02/2012 @ 10:58

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Hi Rachel, my advice would be to sell your current car and use the money as a deposit towards a newer one. Over the next 2 months make sure all finance agreements are paid on time and then make an application with us when you're ready. Fingers crossed we'll be able to get you approved (the hard part) and then we'll have you in a new car in no time at all.

Posted by Edwin Miles on 01/02/2012 @ 11:13

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